Tuesday, September 16, 2014

US Tax Code: Almost Last Among Industrialized Countries

The Organization for Economic Co-operation and Development (OECD) consists of 34 member countries that, essentially, comprise the developed world.  And according to brand new index by the Tax Foundation that measures the tax codes of countries worldwide on a variety of measures, the US ranks 32nd out of 34 OECD countries.  Here's an excerpt from a WSJ article out the other day discussing this new ranking index:
The index takes into account more than 40 tax policy variables. And the inaugural ranking puts the U.S. at 32nd out of 34 industrialized countries in the Organization for Economic Co-operation and Development (OECD).
With the developed world's highest corporate tax rate at over 39% including state levies, plus a rare demand that money earned overseas should be taxed as if it were earned domestically, the U.S. is almost in a class by itself. It ranks just behind Spain and Italy, of all economic humiliations. America did beat Portugal and France, which is currently run by an avowed socialist.
Of course, Obama and the Dems see room for improvement, after all we're not dead last among OECD countries:
The new ranking is especially timely coming amid the campaign led by Messrs. Obama and Schumer to punish companies that move their legal domicile overseas to be able to reinvest future profits in the U.S. without paying the punitive American tax rate. If they succeed, the U.S. could fall to dead last on next year's ranking. Now there's a second-term legacy project for the President.